for sale - loopnet · 1 mile: 18,000 5 mile: 450,000 education over 50% with degrees average...
TRANSCRIPT
Russell Hosnerreal estate investment services
Russell HosnerOne Lincoln Center
10300 SW Greenburg Rd Suite 490Portland, Oregon 97223
BELMONT LOFTS COMMERCIAL CONDO | $1,950,0003442-3450 SE Belmont Street | Portland, OR
For more information, contact:
Drew [email protected]
Russell Hosnerreal estate investment services
FOR SALE
PROPERTY HIGHLIGHTS » 2 spaces totalling 3,885 square feet, built in 2005 » Prime Belmont/Hawthorne retail district » Building & HOA are in excellent condition » Close to downtown and near a cross walk
» Zoning is CM2 » Property taxes reduced to $12,890 » Windows slide open to the street » Long-term tenants
SE 35th Street
N
Belmont Lofts Commercial
Condominium
SE Belm
ont StreetBuilt in 2005
Hawthorne Neighborhood
Located in Multnomah County in Portland, OR, the Sunnyside neighborhood is considered one of the best places to live in Oregon. Living in Sunnyside offers an urban feel, with many residents renting their homes. This area offers many bars, restaurants, coffee shops, and parks along with a large young professional population. To round out its many benefits, Sunnyside also boasts highly rated schools, making the neighborhood one with something for everyone.
FLOOR PLAN
Restaurant2140 SF
Salon
Exterior windows slide open to street
Exte
rior w
indo
ws s
lide
open
to st
reet
TENANT SPACE PHOTOS
Multiple work stations
Massage rooms
Nail tech
Tall ceilings
TENANT SPACE PHOTOS
Outdoor patio seating was allowed
Full bar
Sliding windows opens to outside
Large, bright dining area
AREA HIGHLIGHTS
DEMOGRAPHICS Neighborhood behind Sunnyside
Population1 mile: 18,000
5 mile: 450,000
Education Over 50% with degrees
Average Household Income $64,000
Major Employers
POPULATION 1 mi radius
3 mi radius
5 mi radius
2016 Estimated Population 18,015 202,780 431,899
2021 Projected Population 19,263 216,613 460,132
2010 Census Population 16,354 185,133 404,678
2000 Census Population 14,387 166,840 378,377
Projected Annual Growth 2016 to 2021 1.4% 1.4% 1.3%
Historical Annual Growth 2000 to 2016 1.6% 1.3% 0.9%
HOUSEHOLDS 1 mi radius
3 mi radius
5 mi radius
2016 Estimated Households 9,709 103,299 198,749
2021 Projected Households 10,228 109,044 209,989
2010 Census Households 8,697 92,732 184,179
2000 Census Households 7,331 82,734 168,098
Projected Annual Growth 2016 to 2021 1.1% 1.1% 1.1%
Historical Annual Growth 2000 to 2016 2.0% 1.6% 1.1%
PORTLAND, OR 97124
POPULATION GROWTH
Belmont Lofts Commercial
Condominium
The Belmont District runs along Belmont Street from ap-proximately 31st to 60th Avenues in Southeast Portland. The Belmont District is part of the Sunnyside neighbor-hood, bordered by Laurelhurst to the north and by the Mt. Tabor neighborhood to the east.
AREA HIGHLIGHTS
NW Northrup St
SE STARK ST SE STARK ST SE STARK ST SE STARK ST
SE MORRISON ST SE Morrison St SE Morrison St SE Morrison St
SE BELMONT ST SE BELMONT ST SE BELMONT ST SE BELMONT ST
SE 60th AveSE 60th Ave
SE 12th AveSE 12th Ave
SE 20th Ave
SE 30th Ave
SE 50th Ave
LAURELHURSTPARK
LONE FIR PIONEERCEMETARY
COL SUMMERSCITY PARK
BUCKMANNEIGHBORHOOD SUNNYSIDE
NEIGHBORHOODMT TABOR
NEIGHBORHOOD
SUNNYSIDESCHOOL PARK
SE 45th Ave
70. Portland City Homes 4711 Belmont St. cityhomespdx.com
71. Roots Realty 628 SE 58th Ave. rootsrealty.com
72. Vandermeer Real Estate 6011 NE Oregon St. Suite 3 Portland Oregon 97214 vandermeerrealestate.com
73. Baby Doll Pizza 2835 SE Stark St. babydollpizza.com
74. Bare Bones Cafe & Bar 2900-2908 SE Belmont St barebonespdx.com
75. Beer 1410 SE Stark St. facebook.com/BeerPortland
76. Belmont Inn 3357 SE Belmont St. belmontsinn.com
77. Belmont Station 4500 SE Stark St. belmont-station.com
78. Circa 33 3348 SE Belmont St. circa33.com
79. Dick’s Kitchen 3312 SE Belmont St. dkportland.com
80. Hobnob Grille 3350 SE Morrison St. hobnobgrille.com
81. Hoda’s Middle Eastern Cuisine 3401 SE Belmont St. hodas.com
82. Horse Brass Pub 4534 SE Belmont St. horsebrass.com
83. Hunt & Gather Catering 2420 SE Belmont St. huntandgathercatering.com
RESTAURANTS & PUBS
1. Belmont Dairy 3340 SE Morrison St. belmontdairy.com
2. The Belmont Apartments 3775 SE Belmont St. thebelmontpdx.com
3. Portland Belmont House 3121 SE Belmont St. portlandbelmonthouse.com
4. Northwest Battery Supply 3750 SE Belmont St. northwestbattery.com
5. Saint Cupcake 3300 SE Belmont St. saintcupcake.com
6. Belmont Academy 3841 SE Belmont St. belmontacademy.org
7. Belmont Eco Laundry 4725 SE Belmont St. belmontecolaundry.com
8. Descendant 3773 SE Belmont St. descendantspace.com
9. Flipside Hats 4438 SE Belmont St. flipsidehats.com
10. Naked City Clothing 2701 SE Belmont St. nakedcityclothing.com
11. Sequel Apparel 6000 SE Stark St. sequelapparel.com
12. Twill 3352 SE Belmont St. twillclothing.com
ACCOMODATIONS
AUTOMOTIVE
BAKERY
CHILDCARE
CLEANING
CLOTHING
13. Never Coffee 4243 SE Belmont St. nevercoffeelab.com
14. Taborspace 5441 SE Belmont St. taborspace.org
15. The Tao of Tea 3430 SE Belmont St. taooftea.com
16. Historic Belmont Firehouse 900 SE 35th Ave. jeffmorrisfoundation.org
17. Portland Tribune 44th & Belmont St. portlandtribune.com
18. Serra 2519 SE Belmont St. shopserra.com
19. Tetra Cannabis 4011 SE Belmont St. tetrapdx.com
20. Block Party Barricades 1121 N Loring St #115 blockpartybarricades.com
21. Movie Madness 4320 SE Belmont St. moviemadnessvideo.com
22. PDX Pipeline pdxpipeline.com
23. Advantis Credit Union 3010 SE Belmont St. advantiscu.org
24. Gravity Payments/ Becky Groffman gravitypayments.com
25. Cascadia Pilates & CoreAlign 4220 SE Belmont St. cascadiapilates.com
COFFEE & TEA
COMMUNITY
DISPENSARIES
ENTERTAINMENT
FINANCIAL
FITNESS
26. Genuine Movement 6037 SE Stark St #1 genuinemovement.com
27. reFORM Pilates and Movement 828 SE 34th Ave., Ste D reformpilatespdx.com
28. The Green Microgym 828 SE 34th Ave. Suite B thegreenmicrogymbelmont.com
29. The People’s Yoga 4210 SE Belmont Blvd. #4 thepeoplesyoga.org
30. Two Rivers Aikikai 2950 SE Belmont St. 2rivers.org
31. Portland Nursery 5050 SE Stark St. portlandnursery.com
32. Starflower 3411 SE Belmont St. starflowerpassion.com
33. Abbasi Fine Rugs 3150 SE Belmont St. abbasifinerugs.com
34. Made, Inc. 2940-B SE Belmont St. made-studio.com
35. Porteco Lighting 1401 SE Morrison St., Ste 112 portecolighting.com
36. Worn 1737 SE Morrison St. facebook.com/ wornfurniturerestoration
37. GEM GEM 2324 SE Belmont St. shopgemgem.com
38. Moonshadow Magick Pagan Shoppe 3819 SE Belmont St. moonshadowmagick.com
39. Noun: A person’s place for things 3300 SE Belmont St. shopnoun.com
FLORAL
FURNISHINGS
GIFTS
56. Portland Paralegal PO Box 14031 portlandparalegal.com
57. Schoenfeld & Schoenfeld PC, Attorneys at Law 2051 SE Belmont St. schoenfeldlawyers.com
58. Plaid Pantry #35 2983 SE Belmont St. plaidpantry.com
59. Mt. Tabor Veterinary Care 4246 SE Belmont St. #1 mttaborvetcare.com
60. COL-TAB, Inc. 1919 SE Belmont St. coltab.com
61. Go Green Tax 3825 SE Belmont St. gogreentax.com
62. Lineametrics Group - DCA design lineametrics.com
63. Luke’s Frame Shop 2707 SE Belmont St. lukesframeshop.com
64. Something Blue Photography 6045 SE Stark St. somethingbluephotography.com
65. Studio Gauthier PO Box 14031 PDXPhotog.com
66. Sustainably Organized we come to you sustainablyorganized.com
67. Craftsman Design and Renovation 837 SE 27th Ave craftsmandesign.com
68. NextHome NW Realty 4506 SE Belmont St. Ste. 103 NextHomeNWRealty.com
69. Portland’s Alternative Realtors 3144 SE Belmont St. altpdx.com
MARKET
PETS
PROFESSIONAL
REALTY
40. Stark Street Studio and Gallery 2809 SE Stark St. [email protected]
41. bare aesthetics boutique 3523 SE Belmont St. bareonbelmont.com
42. Belmont Family Dentistry 5935 SE Belmont St. belmont-dentistry.com
43. Elemental Medicine, LLC 2915 SE Belmont St. #1 elementalmedicinepdx.com
44. Equinox Acupuncture & Massage 3302 SE Belmont St. equinoxpdx.com
45. Eye Styles 3333 SE Belmont St. eyestylesllc.com
46. Grain Integrative Health, LLC 4246 SE Belmont St. Suite 5 grainintegrativehealth.com
47. Herb Stomp 3901 SE Belmont St. herbstomp.com
48. Lifelong Wellness coming soon! lifelongwellnesspdx.com
49. Massage by Kelly Nordahl 4210 SE Belmont St. kellynordahl.com
50. Prism Health 2236 SE Belmont prismhealth.org
51. Smiles on Belmont 3418 SE Belmont St. smilesonbelmont.com
52. Tabor View Health and Wellness 6018 SE Stark St. taborviewhealth.com
53. Berkshire Ginsberg LLC 1216 SE Belmont St. berkshireginsberglaw.com
54. Cleek Law Office LLC cleeklaw.com
55. Oregon Cannabis Law Group 4531 SE Belmont St., Suite 207 oregonmarijuanalegal.com
HEALTH & WELLNESS
LEGAL SERVICES
Cleek Law Office
84. ImJai Thai 3801 SE Belmont St. imjaithai.com
85. La Calaca Comelona 2304 SE Belmont St. lacalacacomelona.com
86. Laughing Planet Café 3320 SE Belmont St. laughingplanetcafe.com
87. Meat Cheese Bread 1406 SE Stark St. meatcheesebread.com
88. Red Square Café 4505 SE Belmont St. #A redsquarecafe.com
89. Rendez Vous 817 SE 34th Ave. rendezvousportland.com
90. SOMA Kombucha Taproom 3777 SE Belmont St. SOMAelixirs.com
91. Stark Street Station 6049 SE Stark St. facebook.com/StarkStreetStation
92. Straight From NY Pizza 3330 SE Belmont St. sfnypizza.com
93. Suzette Creperie 3342 SE Belmont St. suzettepdx.com
94. The Liquor Store Gallery 3341 SE Belmont St. theliquorstorepdx.com
95. The Nest 2715 SE Belmont St. pdxbars.com/nest
96. Triple Nickel Pub 3646 SE Belmont St. facebook.com/pages/Triple-Nick-el-Pub/134635975711
97. Wild Abandon Restaurant 2411 SE Belmont St. wildabandonrestaurant.com & facebook.com/Wild-Abandon-Restau-rant-313732850401
98. Bela Hair Studio 6012 SE Stark St. belahairstudiopdx.com
99. Dapper Earth Salon and Mercantile 2533 SE Belmont St. dapperearth.com
100. Hair Bar Forty Seven 4716 SE Belmont St. hairbar47.com
101. KOiPOD 3442 SE Belmont St. koipodpdx.com
102. Silk & Stone Spa 3807 SE Belmont St. silknstone.com
103. Hawthorne Gardens Senior Living 2828 SE Taylor St. hawthornegardensslc.com
104. Laurelhurst Village 3060 SE Stark St. laurelhurstvillage.com
105. Marquis Mt. Tabor 6040 SE Belmont St. marquiscompanies.com
106. Meals on Wheels People 4610 SE Belmont St. mealsonwheelspeople.org
107. PDX Commons 4262 SE Belmont St. pdxcommons.com
108. Pro Sound & Lighting 3511 SE Belmont St. prosoundonline.com
109. Enso Winery 1416 SE Stark St. ensowinery.com
SALON
SENIOR LIVING
SOUND EQUIPMENT
WINE
Belmont District Map BELMONT MORRISON STARK
TO MORRISON BRIDGE AND CITY CENTER
TO HAWTHORNE BLVD
N
SE BELMONT ST
SE Cesar E Chavez BlvdSE 34th Ave
SE Cesar E Chavez Blvd
SE 34th Ave
SE 38th Ave
See pop out map above
SUNNYSIDESCHOOL PARK
1
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3
45
6
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15 16
17
18 19
2123 25
26
2728
2930
31
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3334
35 36
37
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4243
44
45
46
47
4950
51
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53
5557 58
59
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61
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106
64
67
6869
70
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8283
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8990
91
9293
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BELMONT DISTRICT MAP | Belmont > Morrison > Stark Sunnyside is one of the most beautiful and artistic neighborhoods in Portland. The artistic prowess of Sunnyside begins with repurposing and re-utilizing anything and everything; anything from old car garages or restaurants have been repurposed as beautiful, livable homes. Murals garnish old forgotten walls giving new purpose to old unused structures throughout the area, however the creative beauty of this neighborhood does not end there: the Sunnyside Environmental school is a prime example of the creative spirit of this neighborhood, incorporating gardening, and renovation into curriculum, as well as repurposing wood, and other materials to build a beautiful community garden.
Sunnyside also boasts incredible shopping and food choices. Hawthorne’s proximity and accessibility to the entire Sunnyside neighborhood allows easy commutes to the thrift stores and coffee shops lining hawthorne. Sunnyside also claims the Belmont shopping district lined with great cafés, art galleries and shops, as well as a true southeast landmark: Electric Castle’s Wunderland.
N
Belmont Lofts Commercial
Condominium
< < windows slide open >>
Downtown Portland
Hawthorne District
N
Belmont Lofts Commercial
Condominium
SE 35th Street
SE B
elmon
t Stre
etSa
lon
RestaurantCondominium Entrance
FINANCIAL OVERVIEW
TENANT SQFT RENT PSF RENT CAMS PROP. TAXES
India Oven Authentic Cuisine 2,140 $24 $51,360 $375.23 $591
Koi Pod 1,745 $16 $27,920 $447.34 $484
Totals 3,885 $822.57 $1,075
NOI $79,280
PRO FORMA FINANCIALS
Tenant #1 @ $30 psf x 2,140 $5,350/mo $64,200/yr
Tenant #2 @ $33 psf x 1,745 $4,798/mo $57,585/yr
NOI $121,785
SELLER FINANCING
Down Payment $950,000
Yr 1 3.0% IO $30,000/yr
Yr 2 3.5% IO $35,000/yr
Yr 3 4.0% IO $40,000/yr
Yr 4-5 4.5% IO $45,000/yr
INVESTMENT ANALYSIS 5 YEAR CASH/CASH RETURN
Year Pre-tax Cash Flow % return 1 $49,280 5% 2 $86,785 9% 3 $84,220 8.8% 4 $81,705 8.6% 5 $84,239 8.8%
Five Year Average Cash on Cash 8.04%*Year 2 assumes pro forma rents**Year 3-5 assumes 2% annual rent increases
BELMONT LEASE INFORMATION
RENTS PER SF SURVEY LOW HIGH VOLUME SURVEY LOW HIGH
NNN Asking Rent $31.22 $30 $35 Deals 10 - -
NNN Starting Rent - - - SF Leased 19,133 1,000 3,739
NNN Starting Rent - - - Average Deal SF 1,913 1,000 3,739
Buildings 8 - -
CONCESSIONS SURVEY LOW HIGH Building SF 64,040 1,464 18,340
Months Free Rent 2.0 2.0 2.0
TI Allowance Per SF - - - TIME ON MARKET SURVEY LOW HIGH
Concessions - - - Months on Market 4.1 1.7 24.8
Asking Rent Discount - - - Months Vacant 3.3 1.0 6.4
Annual Rent Income - - - Average Term in Years 6.0 4.0 10.0
SALES COMPARABLES
1621 NE 10TH AVESale Date 06/29/18 (112 days on mkt)
Sale Price 2,638,450 - Confirmed
Price/SF $530.88
Bldg Type Retail
Year Built/Age Built 1969/49
RBA 4,970 SF
Parcel No R182405
1024-1028 SE 12TH AVESale Date 05/30/17
Sale Price 1,050,000- Confirmed
Price/SF $532.45
Bldg Type Retail
Year Built/Age Built 1892/125
RBA 1,972 SF
Parcel No NA
2519 SE BELMONT STSale Date 05/04/17
Sale Price $940,000
Price/SF $522.22
Bldg Type Retail
Year Built/Age Built 1927 Renov 2016/90
RBA 1,800 SF
Parcel No R287784
135 NE 9TH AVESale Date 07/31/18
Sale Price $1,300,000 - Confirmed
Price/SF $520.00
Bldg Type Retail
Year Built/Age Built 1926/92
RBA 2,500 SF
Parcel No R150389, R150390
3342 SE BELMONT STSale Date 08/31/18
Sale Price $2,150,000 - Confirmed
Price/SF $620.49
Bldg Type Retail
Year Built/Age Built 1923/95
RBA 3,465 SF
Parcel No R280570
1715 NE 33RD AVESale Date 03/13/18
Sale Price $2,470,000
Price/SF $1,151.52
Bldg Type Retail
Year Built/Age Built 1982/36
RBA 2,145 SF
Parcel No R162219
ADDITIONAL PROPERTIES AVAILABLE FROM SELLER
BELMONT STREET LOFTSProperty Type Commercial Condominiums
Address 3442 SE Belmont | Portland, OR
Price $2,100,000
VANGUARD LIGHT INDUSTRIALProperty Type 11,000 SF | multiple tenants
Address 63004 NE 18th | Bend, OR
Price $1,600,000
CENTRAL POINT CONDOMINIUMSProperty Type 22 residential units
Address 123 NE Roberts Ave | Gresham, OR
Price $3,800,000
ANTLER APARTMENTSProperty Type 7 units | 2 bed 1.5 bath
Address 123 W Antler Avenue | Redmond, OR
Price $850,000
DEERHOUND LIGHT INDUSTRIALProperty Type 40,000’ w/multiple tenants
Address 2121 SW Deerhound | Redmond, OR
Price $3,800,000
SALMON APARTMENTS
Property Type 8 units in 2 four plexes | extra lot all 2 bed 1 bath
Address 2730-2752 SW Salmon Redmond, OR
Price $1,075,000
Contact agent for more information on these properties:
Bud Hosner | 503-349-4892 | [email protected]
SOLD SOLD
SOLD
SOLD
Russell Hosnerreal estate investment services
Russell Hosnerreal estate investment services
Russell HosnerOne Lincoln Center
10300 SW Greenburg Rd Suite 490Portland, Oregon 97223
For more information, contact:
Bud [email protected] Drew [email protected]
The information contained in this book has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied , as to the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.